Lithium mining is one of those sectors. EVs need lithium for lithium-ion batteries that make the cars go. Two stocks are on the move Friday, adding to recent gains, after a new bullish take from Citigroup.
Analyst P.J. Juvekar upgraded
(ticker: SQM) and
(ALB) stock to Buy from Hold. His price target for SQM stock goes to $62 from $55. Juvekar’s price target for Albemarle stock goes to $184 from $176.
“We are turning more bullish on lithium due to: EV momentum in China and Europe, the dissipation of excess lithium inventory, and announcements by OEMs like GM to go all-electric by 2035,” writes the analyst